Bank Indonesia (BI) announced, that it’s Consumer Confidence Index for Indonesia increased to 116.8 in October, the highest score since March 2015.
The Index was rising from 110.0 in September to 116.8 in October, surpassing even it’s 114,2 high in July this year. A reading above 100 indicates that consumers are optimistic, therefore the surveys results reflect a rising confidence among the country’s consumers about the current economic condition, Bank Indonesia said.
The survey involves around 4,600 respondents from 18 major cities. It also found that Indonesian consumers expect better job availability in the next six months while price are supposed to fall in the upcoming months. Meanwhile, Indonesia’s annual inflation rate rose slightly more than expected from 3.07 percent in September to 3.31 in October.
Being the biggest economy in Southeast Asia, Indonesia offers a market of 240 million consumers and an increasingly wealthy middle class of about 40 million.